Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More
Top Scoops

Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search

 

While you were sleeping: BusinessWire wrap

While you were sleeping: BusinessWire overnight wrap

Dec. 30 – Stocks on Wall Street fell, with Dow Chemical Co. slumping 20% after funding for its takeover of Rohm & Haas Co. fell through. Oil companies rose after the price of oil advanced on tensions in the Gaza Strip.

The Dow Jones Industrial Average declined 0.8% to 8446.57 and the Standard & Poor’s 500 Index slipped 0.7% to 866.6. The Nasdaq Composite fell 1.6% to 1505.09.

Dow Chemical fell US$3.45 to US$15.48 after Kuwait scrapped a proposal that would have provided US$9 billion to fund a merger with Rohm & Haas, down 15% in New York.

Chevron rose 1.3% to US$71.30 after crude oil gained.

Ford Motor fell 5.2% to US$2.17 after billionaire investor Kirk Kerkorian sold the remaining shares in the automaker owned by his investment firm Tracinda Corp. General Motors fell 5.5% to US$3.47.

Middle East tensions helped drive down the U.S. dollar against the euro as some traders fretted about disruptions to oil supplies. The British pound fell to a record low against the euro after a survey showed U.K. house prices may extend their slide in 2009.

The dollar fell to $1.4062 per euro in New York, from $1.4028. The greenback dropped to 90.38 yen from 90.81.

Israeli air strikes in the Gaza Strip also helped stoke demand for U.S. Treasuries as a haven from escalating tensions and weakening shares.

The yield on two-year Treasuries fell 15 basis points to 0.73%, edging closer to the record low yield of 0.6% reached on Dec. 17. The yield on 10-year government debt fell 7 basis points to 2.1%.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

In Europe, stocks gained led by banks and oil companies after a report that Royal Bank of Scotland will abandon the sale of its insurance unit and tensions stayed high in the Middle East.

The Dow Jones Stoxx 600 Index rose 0.2% to 193.46 and has declined a record 47% this year.

Royal Bank of Scotland gained 14%, leading the FTSE 100 Index up 2.4% to 4319.35. Cairn Energy rose 7.1%.

Germany’s DAX 30 rose 1.6% to 4704.86 as Postbank jumped almost 10% and Deutsche Bank gained 5.7%. In France, the CAC 40 rose 0.5% to 3130.72.

Crude oil rose after Israeli Defense Minister Ehud Barak said the Middle Esat nation is fighting a “war to the death” with Hamas, which gets support from Iran.

Crude for February delivery rose 6.1% to $40.01 a barrel on the New York Mercantile Exchange.

Gold climbed to the highest level in almost two months on increased demand for the precious metal as a haven. Gold futures for February delivery rose 0.5% to US$875.30 an ounce in New York.

Copper rose as the U.S. dollar weakened, leading a 1.3% gain in the Reuters/Jefferies CRB Index of 19 raw materials. Copper gained 2.1% to US$2,905 a metric ton on the London Metal Exchange.

(Businesswire)

ENDS

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Top Scoops Headlines

 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.